Cal. Code Regs. tit. 4 § 408

Current through Register 2024 Notice Reg. No. 45, November 8, 2024

Section 408 - Plan Administration

(a) Expenses.

The members of the commission shall receive no compensation from the boxer's pension account for administering the pension plan, but the boxers' pension account shall reimburse the commission for all necessary direct expenses incurred in carrying out its maintenance of the Plan. The commission shall pay any necessary direct expenses, including reasonable pension consulting fees incurred by it in administering the Plan out of the Plan's funds. All direct administrative expenses, including actuarial certification fees, trust accounting fees, and commissions and expenses related to the investment of the boxer's Pension Account shall be directly assessable and shall be paid out of the boxer's pension accounts.

Expenses related to the restatement and implementation of this Article, including any extraordinary actuarial, design and consulting fees, costs of locating lost boxers' beneficiaries and costs of preparing summary plan descriptions in English and Spanish shall be reimbursed to the commission from the Plan, but only out of and limited to the funds that the commission's enrolled actuary certifies exceeds the cumulative grandfathered PVAB balances (actuarial equivalent of the Plan's benefit and refund obligations) as April 30, 1996.

(b) Powers and Duties.

The primary responsibility of the commission under this article is to administer the Plan for the exclusive benefit of the boxers and their beneficiaries, subject to the specific terms of this article. The commission shall administer the Plan in accordance with its terms and shall have the power and discretion to construe the terms of this article and to determine all questions arising in connection with the administration, interpretation, and application of the Plan. Any such determination by the commission shall be conclusive and binding upon all persons. The commission shall have all powers necessary or appropriate to accomplish the duties under this Plan.

The commission shall be charged with the duties of the general administration of the Plan, including, but not limited to, the following:

(1) The discretion to determine questions relating to the eligibility of boxers to participate or remain a participating boxer or a covered boxer hereunder and to receive benefits under the Plan;

(2) To compute, certify, and direct the amount and the kind of benefits to which any covered boxer shall be entitled hereunder;

(3) To maintain all necessary records for the administration of the Plan;

(4) To interpret the provisions of the Plan consistent with the law and these rules;

(5) To determine the size and type of any contract to be purchased from any insurer, if any, and to designate the insurer from which such contract shall be purchased;

(6) To prepare and distribute to participating boxers information concerning their rights and obligations, including a summary plan description stating the requirements and benefits of the Plan in English and Spanish, using commonly spoken language to the extent possible, which shall be sent to each manager and to each boxer at appropriate times by the Pension Plan Committee or the commission staff, including at the time of initial licensure and renewal.

(7) To place the funds in the pension plan in trust and to select a trustee to invest and administer the funds.

(c) Annual Pension Report.

The executive officer shall present an annual pension report draft to the commission, which shall review it and issue a final annual pension report. The final annual pension report shall be a public document and shall include:

(1) The financial condition of the pension fund, including present value, net income or losses by source over the previous twelve (12) months, gains or losses realized by sales of assets or disposition;

(2) Number of currently covered boxers;

(3) The number of covered boxers drawing benefits and the total amount expended by category of benefits (i.e., normal retirement, death, annuity conversion, or vocational early retirement);

(4) The number of applicants denied requested benefits and the numbers and dispositions of requests for reconsideration and commission appeals;

(5) Itemized administrative or other deductions from the pension fund; and

(6) Other information that the commission deems appropriate.

Cal. Code Regs. Tit. 4, § 408

1. New section filed 4-26-96; operative 5-1-96 pursuant to Government Code section 11343.4(d) (Register 96, No. 17).

Note: Authority cited: Sections 18611 and 18881, Business and Professions Code. Reference: Sections 18881 and 18882, Business and Professions Code.

1. New section filed 4-26-96; operative 5-1-96 pursuant to Government Code section 11343.4(d) (Register 96, No. 17).